Apex Fund Services is to establish operations in Bahrain in a move that strengthens the kingdom as the regional financial centre.

Bermuda-based Apex is a privately-owned provider of fund administration and related services to offshore funds and companies.

Established in 2003, it is one of the world's fastest growing fund administrators, with $5.5 billion of assets under its administration and nine offices around the world.

The company has been granted a licence to operate in the kingdom, the Central Bank of Bahrain has announced.

'Bahrain is a leading financial centre in the Middle East, which offers the necessary infrastructure, regulatory framework and cost-effective environment needed for us to continue to provide the highest-level of service to our clients across the Gulf,' said Apex managing director Peter Hughes.

'Being the first regulated fund administrator in Dubai, it was only logical for us to expand our presence in the Gulf by opening an office in Bahrain.'

'We are very pleased to welcome such a dynamic and growing business as Apex Fund Services to Bahrain,' said Economic Development Board chief executive Shaikh Mohammed bin Essa Al Khalifa.

'We are committed to supporting our advancement as a leading regional hub for fund administration. Apex's decision to locate here is a key endorsement of that strategy.'

Apex Fund Services (Bahrain) is due to begin operations in Manama in this month under the leadership of Nicolas Angio, who joins Apex from Bisys Hedge Fund Services and Apex Dubai managing director Craig Roberts.-TradeArabia News Service